Social Media Analytics

Social Media Analytics Taylor Pratt Raven Internet Marketing Tools@RavenPratt | raventools.com/oms

What is the ROI of social media?

The key to social media success isunderstanding your audience.

Don’t get distracted!

Nielsen’s State of the Media:The Social Media Reporthttp://raven.im/nielsensm

Nearly 4 in 5 active Internet users visitsocial networks and blogs.

70% of active online adult socialnetworkers shop online, 12% morelikely than the average adult user

Socially engaged consumers spend 20to 40% more than other customers.

53% of active social networkersfollow a brand.

How do consumers access social media? Are you• 97% - Computer ready?• 37% - Mobile Phone• 3% - Gaming Console• 3% - iPad• 2% - Internet-Enabled TV• 2% - E-Reader• 1% - Handheld Music Player

What is the ROI of social media?

According to Oliver Blanchard, you’reasking the wrong question.

What is the ROI of [insert activityhere] in social media? Oliver Blanchard The BrandBuilder Blog Author of Social Media ROI

Social Media Marketing Process Discovery Measurement Listening Execution Planning

Social Media Marketing ProcessDISCOVERY

Start Monitoring Brand [Keyword]Mentions Product Mentions Mentions Competitor Influencer Mentions Mentions

What to IdentifySocial NetworksForumsAssociationsKey InfluencersPopular Topics

Tools That Can Help $150/mo $775/mo $99/moBased on Usage Free Based on Usage

Social Media Marketing ProcessLISTENING

Understand your audience!

How are your customers using socialmedia?

Where are they participating?

Do they interact with othercompanies?

What are they already saying aboutyou?

What is their activity level on eachsocial network?

Who are the key influencers on eachnetwork?

Save time and money by properlyevaluating potential advocates.

Create a Scorecard Customer Advocate Share of Voice Reach Topics Overlap Arachnoids,Peter Parker 5% 50,000 Red Heads, Medium Goblins Tank Tops,Hulk Hogan 2% 25,000 High Weight Lifting Cheesy Poofs,Eric Cartman 12% 120,000 Low Racial Slurs

Don’t overlook social media as aproduct innovation hub.

Monitor both your brand, yourcompetitors’ brands and keywordmentions for customer pains.

Social Media Marketing ProcessPLANNING

Step 1: identify your businessobjectives

Types of Social Media Goals• Engagement • Customer Support• Brand Recognition • Product• Reach Development• Share of Voice • Brand Sentiment• Sales • Brand Advocates• Brand Loyalty • Brand Trust

Get more specific!• Reduction in sales cycles• Reduction in customer support costs• Number of product improvement suggestions from [social network]• Increase in product reviews/ratings• Number of people in [specific location] who follow us on Twitter

Other KPIs to Consider• Volume of consumer- • Interaction/engagement created buzz rate• Seasonality of buzz • Number of interactions• Rate of virality • Store locator views• Embeds/installs • Registrations by channel• Increases in searches • User-initiated views• Ranking improvements

Step 2: identify your value add

Wal-Mart: Low PricesSouthwest Airlines: Freedom Harley Davidson: Rebellion

Step 3: define your level ofcommitment

Social Media Marketing ProcessEXECUTION

How is social media impacting yourother online marketing activities?

Social Media Marketing ProcessMEASUREMENT

Brand Awareness Brand Share ofRecognition VoiceEngagement Reach

To measure Share of Voice comparebrand mentions to competitors.

Source: Web Analytics Demystified & Altimeter Grouphttp://bit.ly/pratt1

To measure Engagement, measureparticipation.

[Social Network] Interactions Engagement = Engagement Total ViewsSource: Web Analytics Demystified & Altimeter Grouphttp://bit.ly/pratt1

To measure Reach, compare audienceparticipation to your audience reach.

Source: Web Analytics Demystified & Altimeter Grouphttp://bit.ly/pratt1

Customer Oriented Goals Customer Brand Sentiment Support Product BrandDevelopment Advocates

Measuring Customer SupportReduction in Increase Increase Support Resolution Resolution Costs Rate RateReduction in Improved Leads On-Site Customer Generated Support Satisfaction by Support

Measuring Brand SentimentSentiment by volume of posts and impressionsNumber of positive reviews generatedNumber of mentions of your brand’s value addAverage resolution time to reputation crises

Measuring Product Innovation Number of new Number of new product ideas product ideas built Traditional R&D time saved research cost savings

Measuring the success of your brand advocatesfulfills two goals:1. Provides an understanding of the ROI you receive2. Provides you with data to better incentivize advocates

It is okay to reward advocates for theirhard work. Wouldn’t you want to berewarded?

Use event tracking in Google Analyticsto quickly assess the virality of yourcontent.

http://gaconfig.com

The key to successful social mediameasurement is asking questions.

Thank You! Taylor Pratt Raven Internet Marketing Tools@RavenPratt | raventools.com/oms

Social Media Analytics

by Raven Internet Marketing Tools

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